Business
PSIQ Reports Record Breaking Revenue Increase of Almost 120% for Its Hemp Derived CBD Product Line
PSIQ Reports Record Breaking Revenue Increase of Almost 120% for Its Hemp Derived CBD Product Line.
About this update from Profile Solutions Inc
[{"type":"text","content":"\nSUNRISE, Fla., May 21, 2019 (GLOBE NEWSWIRE) -- Profile Solutions, Inc. (OTC Pink: PSIQ) announced today that its wholly owned subsidiary, Elite Products International, Inc., reported revenues for the first quarter ending March 31st, 2019 of $453,732 compared to revenues of $208,236 for the quarter ending March 31st, 2018, representing an almost 120% increase.\n “In addition to developing a tremendous line of quality Hemp based CBD edibles, topicals and cosmetics, I would especially like to give thanks and show my appreciation to our family of support personnel at Elite. It’s their hard work, dedication, honesty, integrity, being on time and overall commitment to excellence that make it both motivating and rewarding to serve and contribute to the overall health of our customers,” stated PSIQ Subsidiary Elite Products International Chief Executive Officer, Shimon Fhima. Mr. Fhima continued to state, “This is just the tip of the iceberg of our business plan. As we execute, watch us grow…..” A wildly popular nutritional supplement and food additive, oil-based hemp derived products like CBD racked up $1.1 billion in 2018 domestic sales and, after the Agriculture Improvement Act of 2018 (“Farm Bill”) removed them from the Controlled Substance Act, 21 U.S.C. §§ 801, Et. Seq (1970) and Drug Enforcement Administration’s (“DEA”) clutches, 2019 hemp production and sales exploded. A fast-growing, sustainable, and inexpensively produced plant, “Industrial Hemp” is a variety of Cannabis sativa L. containing less than 0.3% plant chemical delta-9 tetrahydrocannabinol (“THC”). Agricultural Act of 2014, 7 U.S. Code §5940. Unlike Marijuana, which is cultivated to yield psychoactive THC, Industrial Hemp yields more than 25,000 oil and fibrous products embraced by farmers as a hedge against lower-value soy, cotton, and alfalfa crops. Seventy-eight percent (78%) of all hemp grown in 2018 was for CBD, an oil-based hemp-derived product offering broad health and wellness uses that achieved $641 million in domestic sales according to the Hemp Industry Journal. The U.S.’s largest CBD firms achieved record Q3 2018 revenues including $17.7 million by Charlotte’s Web (maker of products sold in 3,000 U.S. stores and ...